Financial Energy Review
Engr. Victor Bandele, Deputy Managing Director of Deepwater Assets at TotalEnergies, has called for greater efficiency and collaboration to enhance competitiveness in Nigeria’s energy sector and attract investments.
Speaking at the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos on Tuesday, Bandele emphasized the importance of creating the right investment environment.
“There’s a lot of competition going on worldwide. There is competition within us in the country. Extrapolate a bit, there is big competition for investments in Africa. There is that big competition playing around the world,” he said.
He stressed that without efficiency in cost, delivery, and sustainability, investment funds meant for one region could easily be diverted elsewhere.
The conference, themed “Building Africa’s Future”, featured discussions on how African oil companies and independents are navigating the industry’s complexities. The panel was moderated by Engineer Elisabeth Rogo, CEO of Tsavo Oilfield Services, and included top executives such as Akeem Ariyo, Managing Director of AOS Orwell; Osayande Igiehon, Managing Director of Heirs Energies; and Nnamdi Anowi, GM Production, NLNG.
Bandele acknowledged a commendation from NLNG regarding TotalEnergies’ consistency in gas supply. He highlighted the company’s success in eliminating routine gas flaring over a year ago and reaffirmed its commitment to supply obligations. He also noted the rapid Final Investment Decision (FID) on the UBETA gas project, stating, “The speed at which the FID on UBETA was taken, just months after an executive order with the right incentives, proves that the right environment fosters investment appetite.”
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, also addressed the event, emphasizing the need for consistency and predictability in Nigeria’s energy policies. He revealed that the African Energy Bank (AEB) would commence operations in Q1 2025 with an initial capitalization of $5 billion.
Meanwhile, dignitaries toured TotalEnergies’ exhibition booth, marking the opening of the industry showcase at SAIPEC.
